Advanced Taxation Supplement: Superannuation

CPD hours: 40 on successful completion

CPA Australia will be replacing the current form of the Advanced Taxation Supplement on 1 July 2017. Those currently studying the Advanced Taxation Supplement will be unaffected by the change. Further information will be communicated in the coming days.

To become a registered tax agent (RTA) with the Tax Practitioners Board (TPB) practitioners must show evidence of having completed relevant studies in Australian taxation law.

The Advanced Taxation Supplement course consists of two standalone units and has been developed to supplement the CPA Program Advanced Tax unit to meet the education requirements for registration with the TPB.

Superannuation is one of the units in the program and investigates the complexities of taxation of superannuation funds in Australia.

Candidates are required to successfully complete a 90 minute case study based exam, which must be supervised by a full member of CPA Australia holding CPA/FCPA status, a fully qualified member of another professional accounting body, or by a manager or supervisor in the candidate’s workplace.

The exam will become available on My Online Learning 6 weeks after candidates access the learning manual. Instructions on how to access the learning manual are included in the Rules & Regulations. Candidates must upload their completed exam paper for marking back into My Online Learning.

The exam require candidates to apply the knowledge from the study materials, together with underlying principles of taxation law. All exams are open book. Candidates must complete a statutory declaration confirming that their exam was invigilated.

Learning objectives

Superannuation:

Identify which employees and employers are required to make superannuation guarantee contributions for, and calculate the amount of the superannuation contribution required to be made

Explain the consequences of an employer not fulfilling its superannuation contribution obligations

Identify persons who are eligible to obtain an income tax deduction for superannuation contributions and calculate the amount of the deduction entitlement

Identify contribution caps and determine the implications if the limits are breached

Calculate the taxable income and tax payable by a superannuation fund explaining why amounts are, and are not, included in the calculation

Determine the income tax treatment of the payment of lump sum and pension benefits from a superannuation fund

Identify the main characteristics of a complying superannuation fund

Identify some of the typical requirements for a superannuation fund maintaining complying status

Audience

Members with less than eight years recent experience in taxation. Members who have eight years’ experience do not need to meet this requirement as the TPB allows them to register using their experience.